n. The business sector that includes technology, media, and telecommunications companies.
At the moment the office market is enjoying a boom because the demand by TMT companies is surging and those in the Old Economy have yet to give up space in a big way.
More worrying are the financial and psychological effects of the TMT mania. The flight of capital into the new economy of TMT is having a demoralising, and sometimes crippling, effect on businesses and people in the old economy, where real profits still have to be generated by selling real products to real customers for real money.
Top-ranking players drew strength from big technology-related issues, making 1999 a lucrative year for underwriting new stock issues; one analyst estimates that 'TMT' (technology, media and telecommunications) accounted for two-thirds of all new stock issues in 1999.